Economics
These parameters describe the testnet model and may change before mainnet. Testnet coins have no value.
At a glance
| Parameter | Current testnet 31.1 | Mainnet candidate |
|---|---|---|
| Algorithm | KawPow | KawPow |
| Target block time | 10 seconds | 60 seconds |
| Initial subsidy | 2,500 MOR | 2,500 MOR |
| Halving | every 2,100,000 paid heights | candidate |
| Coinbase maturity | 100 blocks | candidate |
| Launch reserve | 525,000,000 MOR in block 1 | amounts fixed, recipients not yet activated |
| Developer share | 10% → 8% → 4% → 0% | candidate |
| Relay budget | 10% → 8% → 7% | off on mainnet for now |
| Reference pool fee | 1% | operator policy, not a consensus rule |
| Money limit MAX_MONEY | 11,025,000,000 MOR | consensus ceiling |
How a block's money is split
For an ordinary block:
block subsidy − the consensus-level developer share − the relay budget, if activated and an eligible recipient exists + ordinary transaction fees = the miner's reward before the pool fee
The pool fee creates no new coins and is not part of consensus. It is computed later, and only after the miner's reward has matured.
If the relay budget is activated but no eligible relay exists, that part goes back to the miner rather than disappearing.
Emission schedule
| Heights | Block subsidy | To developers | Relay budget* |
|---|---|---|---|
| Block 1 | 0 MOR | 0 | 0 |
| 2–2,100,000 | 2,500 MOR | 10% = 250 MOR | 10% = 250 MOR |
| 2,100,001–4,200,000 | 1 250 MOR | 8% = 100 MOR | 8% = 100 MOR |
| 4,200,001–6,300,000 | 625 MOR | 4% = 25 MOR | 7% = 43.75 MOR |
| After 6,300,000 | halvings continue | 0% | 7% |
\* The relay budget applies only after its own activation. On mainnet the mechanism is currently off.
Launch reserve
Block 1 pays no miner reward. It creates six reserve outputs totalling 525,000,000 MOR.
| Canonical name | Purpose | MOR | Share of reserve |
|---|---|---|---|
| Exchange | exchanges, liquidity and listings | 157,500,000 | 30% |
| Development | development and ecosystem | 131,250,000 | 25% |
| Partners | early investors and partners | 131,250,000 | 25% |
| Infra | infrastructure, audit and security | 52,500,000 | 10% |
| OpenSale | open sale / presale | 26,250,000 | 5% |
| Emergency | force majeure and legal costs | 26,250,000 | 5% |
| Total | 525,000,000 | 100% |
Creating the outputs does not mean all 525 million MOR are immediately in circulation. Circulating supply depends on the actual scripts, timelocks, custody and real spending.
In the current mainnet profile the reserve recipients remain placeholders. That is not only about investors: before launch the recipients, the recovery policies, the timelocks, the threshold custody and the ceremony procedure all have to be settled.
Full emission
It matters to keep the money limit and the mathematically reachable emission apart.
| Quantity | MOR |
|---|---|
| Mined over the full halving schedule | 10,499,997,499.727001 |
| Reserve in block 1 | 525,000,000 |
| Maximum reachable emission | 11,024,997,499.727001 |
| Consensus ceiling MAX_MONEY | 11,025,000,000 |
The difference of 2,500.272999 MOR comes from the absence of an ordinary subsidy in block 1 and from rounding to whole atoms across successive halvings.
So the reserve is 5.00% of what is mined, and 4.76% of the total supply — and the ceiling is 11,025,000,000, not 10,500,000,000.
MAX_MONEY is therefore the upper bound against which monetary values are checked, not a promise that exactly that many coins will be created.
Dev fund
The developer share is created by the protocol itself:
- 10% in the first era;
- 8% in the second;
- 4% in the third;
- 0% after that.
It does not depend on which pool found the block.
On testnet the developer payout and the reference pool fee are meant to be controlled by a single test-only developer custody wallet, though they may arrive at different addresses inside one manifest. For mainnet the recipient, the recovery and the threshold policy still have to go through a separate ceremony.
Reference pool
The reference pool uses PPLNS and a 1% fee. The fee is computed only on the matured miner's portion:
- the block 1 reserve is not charged;
- the developer share is not charged a second time;
- the relay budget is not part of the base;
- immature and orphaned blocks are excluded;
- rounding goes down, in the miners' favour;
- the payout transaction fee is covered by the operator's fee reserve and does not reduce the obligation to the miner twice.
The pool fee is a changeable operator policy. Changing it needs no hard fork. Changing the subsidy, the reserve or the consensus shares after launch would need a change to the network's rules.
Relay reward
This is not a passive "staking percentage". The stake is a condition of participation and a deposit, and the reward is meant only for an eligible relay that satisfies the rules on registration, locked funds, heartbeat freshness and the other activated requirements.
The mainnet relay economy is not activated. Before it is switched on, these have to be proven:
- relay registration and exit;
- that a stake cannot be used twice;
- liveness and heartbeat;
- recipient selection;
- the per-epoch income cap;
- behaviour when no eligible relay exists;
- reorg and the reversal of a mistaken payout.